Pure Sunfarms Corp. has entered into a credit agreement with Bank of Montreal as agent and lead lender and Farm Credit Canada as lender in respect of a CAD$20 million secured non-revolving term loan. Pure Sunfarms intends to use the funds available under the Credit Facility to finance the final costs of converting its 1.1 million square foot greenhouse for cannabis production, the vast majority of which was completed in January of this year. The funds available under the Credit Facility may also be used for general corporate purposes.
The Credit Facility, which matures on February 7, 2022, is secured by Pure Sunfarms’ greenhouse facility, and contains customary financial and restrictive covenants.
With conversion of all growing areas, totaling more than one million square feet, of its greenhouse facility completed, Pure Sunfarms expects to be in production in all quadrants of the facility in the first quarter of this year. "The technologically-advanced Delta 3 greenhouse design is based on decades of large-scale, low-cost agricultural production experience and extensive cannabis expertise, resulting in a state-of-the-art facility with 16 grow rooms optimized for year-round harvesting (more than 80 harvests annually).", the team with the company explains.
For more information:
Pure Sunfarms Corp.
+1 604-940-6012
info@puresunfarms.com
puresunfarms.com/